This week was full of mourning for the 19 children and two teachers killed at the Robb Elementary School shooting in Uvalde, Texas. It was the deadliest elementary school shooting since Sandy Hook and the 27th school shooting this year. Some lawmakers — including those who’ve accepted campaign contributions from the NRA — are offering thoughts and prayers to the victims' families. While others are advocating for stricter gun-control laws. Here’s how you can support the community affected by this tragedy.
PS: Searching for the right words to talk about the news with kids? We asked an expert to share her advice.
Headlines, Skimm'd
It’s quittin’ time. Data shows that people are quitting their jobs for better pay — and they’re getting it. One compensation tracker reportedly found that, on average, new hires are earning salaries 7% higher than their peers. But many job hoppers feel compelled to quit again — and quickly. A LinkedIn study found that the number of people quitting after less than a year on the job increased by 6.5% in 2021.
Oh, baby, baby, baby. For the first time in seven years, the US birth rate increased in 2021, according to the CDC. But only by 1% — which isn’t great news for the economy…or your money. Because fewer people = fewer consumers, investors, and workers. Which could mean paying more for certain products (especially if you are a new parent), investing more for retirement, and preparing for more recessions.
Making moves. Bringing down inflation is still the Fed’s top priority. Which is why it’s starting to raise interest rates by half-percentage point hikes — not just quarter-percentage points. The news (along with a few good earnings reports) gave the stock market a break from being in the red — and likely boosted your 401(k). ICYMI, the stock market has been rallying after a rough few weeks (hi again, volatility).
Let’s Talk About…
Summer Spending
It’s Memorial Day weekend, aka the unofficial start of summer. The weather’s nice, the pool’s open, and splurging can set in quickly if you take a vacation from sticking to your budget. Keep your summer spending in check by making a plan to save on…
Wedding season. Saving lots of dates? Make a budget for each. Don’t forget to include travel, gifts, and attire for the big day — plus, all the events leading up to it (hi, bachelorette parties).
Kid-friendly fun. Because kids get bored fast. And summer camps and amusement parks can be expensive. Check out nine budget-friendly kids’ activities that everyone in the family will enjoy.
Travel. Consider skipping a pricey international flight and visiting one of these underrated US destinations. Or take the road trip route. Psst…these gas apps can help you save at the pump. Oh, and these (not boring) money podcasts will keep you entertained on the road and help you meet your $$$ goals.
Make Good (Money) Choices
If you want your money to work harder for you…
Choose the right savings account. Good news: The Fed raising rates means the amount of interest you can earn on your savings could go up. If you have the right account that is. Spoiler: Not all savings accounts are created equal. Find the one that earns the most interest (aka your yearly reward for saving money) for you. And compare features like fees, minimum deposits and balances, and accessibility. Check out our guide to pick the best account for your savings.
Bonus tip: Automating monthly or bi-monthly contributions (if you’re a Rory Gilmore-level overachiever) to your savings account can make your passive income even more passive.
Crypto, Decoded
Last week’s crypto crash has skeptics saying ‘I told you so’ and stans mourning major losses. Some lost their entire personal savings. While others, like the co-founder of Ethereum, lost their billionaire status. But some crypto experts say, ‘keep HODLin’ on.’ Currently, Bitcoin is just below $30,000, which is where it was last summer before it spiked to an all-time high of over $60,000. And some still believe Bitcoin will hit six figures in 2022 — just don’t ask for an ETA.Economic uncertainty continues to make crypto, and all market, predictions tricky.
Skimm Her Career
Meet Trisha Sakhuja-Walia, the CEO of BrownGirlMagazine.com — a website that shares stories from South Asian women to build community and empower those within it. And the founder of the Slashie Summit, an event that connects and celebrates ‘slashies,’ aka multihyphenates who include various side hustles in their professional title. She told us how she turned her own side hustle into a career…
I became a slashie when…I started to pursue writing for BrownGirlMagazine.com as a side hustle while in college. For more than five years, I wrote, edited, and managed contributors as a passion project, not realizing that one day I would quit the side hustle to take full ownership of the company, and eventually build a mission-driven ecosystem that publishes user-generated content, hosts community-driven events, and develops culturally driven products.
Skimm more about how Trisha started BGM and her advice to slashies just getting started.
Psst...this interview has been lightly edited for length and clarity.
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A police dept. in California offered gas money for guns. It went even better than they planned.
Prices on a lot of your favorite grocery items have probably gone up. But not Costco’s rotisserie chicken.
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